Australia’s Inflation Rises to 3.8 Percent Annually in June 2024 Quarter

Published on July 31, 2024

Australia’s headline inflation has regained its growth momentum in the last three months, but economists predict no interest rate hike in August. The latest data from the Australian Bureau of Statistics (ABS) showed that the consumer price index (CPI) rose by 3.8 percent in the 12 months to the June 2024 quarter, up from 3.6 percent in the March 2024 quarter. This follows five consecutive quarterly CPI drops from the peak of 7.8 percent in the December 2022 quarter. Within the June 2024 quarter, inflation increased by 1.0 percent, mirroring the rise in the previous three months. The main contributors to inflation growth in the June quarter included housing (up 1.1 percent), food and non-alcoholic beverages (up 1.2 percent), and transport (up 4.6 percent)....

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